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Regardless of the nature of the business, HR departments typically consume a significant portion of the operating budget without having a discernible role in profitability. As a result, HR is often referred to as a “cost center” compared to departments such as sales and marketing, whose outputs can be easily quantified.
Investing in a workforce management platform revolutionizes this model. Through its features and functionality, the system allows HR teams to optimize spending and potentially increase revenue. The right workforce management platform will facilitate accurate labor cost forecasting, employee management, shift planning, and time and attendance tracking.
That’s why choosing the right platform is crucial for any organization.
Understand the needs of modern workforce management
When you think about the paradigm shift that’s happening in the global workplace—. In the post-pandemic world, several key trends are immediately apparent. Remote, flexible and hybrid working are now at the core of operating models, which means business leaders are now “change agents”.
Today is your opportunity to shift your focus from providing logistical support to your employees to prioritizing people management. This is critical given inflationary patterns and a constrained labor market, along with an increased emphasis on employee retention and engagement and the prioritization of diversity, equity and inclusion (DEI).
Speaking of DEI, a study of more than 60% of employees at the largest retail and food service companies in the United States showed that they received less than two weeks’ notice of schedules and schedules. This unpredictability stems from the inequity of employee experience and the financial instability of many employees, especially parents. Workforce management is an important pillar in meeting this need.
Another important trend in the development of workforce management platforms is their emphasis on people analytics and data utilization for workforce planning. This will ultimately facilitate the redeployment of talent, allowing senior executives to manage shifts more intelligently and focus on well-being and productivity.
These trends will inevitably impact the workforce management stack in 2024.
Essential capabilities of a workforce management platform in 2024
The first step in choosing the right workforce management platform is determining the expected feature set. In 2024, CHROs need to remember:
1. Comprehensive scheduling and time tracking
Timekeeping and scheduling solutions eliminate the need for laborious and error-prone manual scheduling. A centralized dashboard enables users to build templates and run lineups using smart scheduling tools. Additionally, it must allow users to enter key data such as employee qualifications, availability and contract details, which can then automatically match timesheets with available employees.
Shift scheduling must also be incorporated into the attendance system. This not only offsets the complexity associated with setting up supplemental software, but also prevents time theft.
Time tracking can be managed through a workforce management platform, geofencing or photo capture technology. Employees can log in and out using their smartphones, providing administrators with an immediate log of location-specific activity and availability.
Comparisons of working hours to planned hours can then be automatically recorded on the audited timesheet; your payroll department can verify that employees are being paid accurately without further approval.
2. Advanced analysis and reporting capabilities
Analytics plays a key role in operating systems as it helps you understand what is working, areas that require immediate attention, and the course of action over days/months. Therefore, the right workforce management platform can provide comprehensive insights covering payroll and shift productivity.
Workforce analytics produces valuable data that can be used to guide workforce communications, performance management, and scheduling. By identifying trends, assessing employee skills, optimizing schedules, and making smarter decisions about employment, staffing, and workforce prerequisites, CHROs and functional managers can truly drive progress and meaningful HR decisions.
Accounting for absenteeism and employee turnover, problems can be identified early and steps can be taken to mitigate them.Different reports—including Employee performance, daily plan violation inspections, and service level compliance violations for the day – Must all be part of the software.
3. Integration with other HR and business systems
The platform should be able to interoperate with your organization’s HR software and business tools. This is especially important for digitally mature organizations, which often use specialized tools. Integration enables data to be integrated with disparate applications such as payroll software, employee identification systems, recruiting tools and compliance audits.
A workforce management platform that is compatible with other systems will be less expensive and time-consuming.This is especially important when Integrate with booking services, temporary staffing and payroll system platforms.
Leveraging artificial intelligence and automation in workforce management: factors to consider
Workforce management often requires a variety of data generation and repetitive tasks that are well suited to automation and artificial intelligence intervention. Artificial intelligence (AI) can predict labor needs across channels/business units, locations and time periods by analyzing real-time and historical data. Additionally, seasonal fluctuations, promotions, events, and purchasing patterns must be considered.
Optimal schedules for individuals and groups can be generated through automation, taking into account expected costs, needs, availability, preferences and capabilities. The system can also manage more complex and demanding areas such as shift overtime, holidays and compliance regulations.
Artificial intelligence can be used to measure and monitor performance. It will provide feedback, coaching and recognition, as well as key performance indicators (KPIs) such as customer satisfaction, retention, efficiency and quality.
Notes to agents instructing them to enter a new AU status, import PTO balances, normalize transaction volumes, or perform other tasks that require quick keystrokes can all be managed and streamlined through AI-led automation.
The rise of generative AI is the next important trend to keep in mind when choosing a workforce management platform, as generative AI can help generate shift summaries, skills updates, and more.
Security and compliance considerations when choosing a workforce management platform
When companies handle sensitive employee information such as payroll data, time off requests or performance metrics, data security is a top priority. Protecting sensitive data from unauthorized access and assisting CHROs in complying with data privacy laws such as GDPR are common elements of the most effective workforce management software.
To protect employee data, look for features like multi-factor authentication, encryption of data in transit and in motion, and role-based access controls. Additionally, in addition to increasing productivity, consider single sign-on (SSO); it will ensure that various systems are accessed using one set of credentials rather than multiple passwords.
In addition, the platform must autonomously monitor scheduled working hours so that you comply with the Fair Work Act and regulations regarding wages and employment contracts. Some solutions may have capabilities to automatically generate annual audit reports, alert HR teams of breaches, and share dashboard views with regulators for complete transparency.
Choose a roadmap
Based on the considerations we discussed, CHROs need to adopt a six-pronged workforce management platform to select a roadmap:
- Feature: It is important to determine what features you need and see if they are included in the software you are evaluating.
- future vision: If you are considering extending current or existing functionality, fully understand the vendor’s vision and game plan.
- Availability: Employees must get started quickly and easily. In addition, the software must be user-friendly and compatible with various devices.
- reliability and stability: Ideally, software should not fail, thus achieving high availability and zero failures or failures. Of course, this means it’s updated regularly.
- Security and privacy: External identifiers or benchmarks can facilitate rapid evaluation. People should look at information security designations such as ISO 27001.
- User support: Check whether the platform provides 24/7 support and available channels. Timely support is critical for core business processes like workforce management.
Prioritize workforce management upgrades in 2024
There you have it; Making strategic investments in the right workforce management software is critical to an organization’s success. By emphasizing features such as scheduling, time off management, time and attendance monitoring, and integration capabilities, you can ensure a seamless and efficient workplace – like a well-oiled machine.
Remember, simply managing your workforce isn’t enough. Helping them actively participate in the ongoing growth and success of the organization is an invaluable differentiator.
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